Jobs And Energy Permitting Act Of 2011
Mr. Chair, I rise in opposition to the amendment. I rise in opposition to the Welch amendment and in strong support of H.R. 2021, the Jobs and Energy Permitting Act, a piece of legislation that would create jobs in America and American…
Mr. Chair, I rise in opposition to the amendment.
I rise in opposition to the Welch amendment and in strong support of H.R. 2021, the Jobs and Energy Permitting Act, a piece of legislation that would create jobs in America and American energy for American consumers.
The Welch amendment requires a company applying for a permit to provide data on ``oil subsidies provided by the Federal Government.'' Mr. Chairman, this is an absolute red herring. There's no definition of ``oil subsidy.'' That's intentional. The gentleman who proffered this amendment is an attorney. He ought to know better. I don't know what oil subsidies to which he's referring.
Section 199, manufacturing deduction, which goes to all businesses whether they produce oil or otherwise, so long as they're engaged in manufacturing. Maybe he's referring to the writing off of intangible drilling costs and claiming tax credits for employing American workers. If those qualify as American Government giveaways, that should absolutely be something that I would think that he would support. These folks are paying royalty taxes and giving great revenue to the United States Treasury.
This piece of legislation, without this amendment, will create many jobs and revenue for the United States Treasury.
What Mr. Welch is really interested in, Mr. Chairman, what this amendment really does is it attempts to punish oil companies for producing American energy and American jobs. This piece of legislation, H.R. 2021, will do just that, and this amendment attempts to stop it.
If there were subsidies that applied only to the oil industry or specifically benefited folks who purchased traditional oil and petroleum, I'd be the first to rise and say, You're right; that's a subsidy. We ought to get rid of it. But that's not what this amendment attempts to do. Rather, this amendment attempts to stop a piece of legislation that will create energy; will lower the price of gasoline for American consumers; will, again, add jobs all over our country; and, once again, provide American energy so that American consumers may benefit.
I'd like to urge all of my colleagues to oppose the Welch amendment and support the underlying Jobs and Energy Permitting Act.
With that, I yield back the balance of my time.